Re: LPA Rent Application-Deposit to Secure Premises

Re: LPA Rent Application-Deposit to Secure Premises by Garry on February 27, 2017 @19:46

Most all LLs charge an application FEE to run a persons app. That could be anywhere from $10 to $50, and is usually non-refundable. However, some LLs will allow it to become part of a deposit to the party they eventually rent to. That's your choice. It's also your choice as to the amount of the deposit you ask for, as long as you don't go over the max for your state. Just remember, whatever amount you get for a deposit, and something happens to the T that they don't move in, that amt of dep. you have is what goes for any unpaid rent you may be out of. So if the rent is $800, and you only get $400, then that's all you have to put against the defaulted rent of $800. By the way, the LPA leases/forms (or any leases/forms for that matter) can be modified to conform to a state's LL/T laws.

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Re: LPA Rent Application-Deposit to Secure Premises - Landlord Forum thread 350926